EU chiefs prepare €25bn support deal for Greece March 15, 2010 EUROZONE finance ministers will discuss plans to support the beleaguered Greek government through a programme of bilateral loans or loan guarantees today. Under terms being thrashed out, the 16 single currency members – led by Germany – are preparing a rescue package worth up to €25bn (£16.4bn). The aid will only kick in if Athens [...]
Arrow is set to reject £2bn Shell takeover March 15, 2010 Australian energy firm Arrow could sensationally block a £2bn takeover bid by Royal Dutch Shell. Analysts have written a stream of notes saying the joint bid with PetroChina undervalued Arrow and the length of time the firm has taken to mull over the bid has caused alarm bells to ring. If the offer is rejected [...]
Fans oppose a rival bid to Red Knights March 15, 2010 A mysterious rival bidder hoping to exploit the unrest at Manchester United will face criticism from fans as fierce as that directed at the Glazers. Last week we revealed a second bidder was mulling over making an offer for the club in the wake of recent protests. But Manchester United Supporters’ Trust (Must) president Duncan [...]
Unlikely lifeline for stricken Portsmouth March 15, 2010 THE fortunes of Portsmouth FC – from FA Cup victory to administration in just two years – have been akin to a soap opera. Now a reality TV star says he can change their fortunes. Rob Lloyd, a Cheshire based property tycoon who starred in Channel 4 hit Secret Millionaire, says he is preparing to [...]
US private equity vehicle Rhone Group makes £119m Liverpool bid March 14, 2010 Liverpool FC is considering a bid of £118.5m from US private equity firm Rhone Group. The bid would give Rhone a 40 per cent stake in the club, making it the majority shareholder. American co-owners Tom Hicks and George Gillett would each reduce their stake from 50 to 30 per cent. The bid was prompted [...]
KKR and Warner Music run the rule over Guy Hands’ EMI March 14, 2010 PRIVATE equity house KKR was named as a partner with Warner Music in a break-up bid for troubled record label EMI yesterday. The two are reported to have been in talks for a fortnight over an approach for EMI, which is expected to be put up for sale by its buyout owner Terra Firma in [...]
Linklaters put on alert over Lehman help March 14, 2010 LEGAL regulation body, the Solicitors Regulation Authority (SRA) is currently deciding whether to further investigate commercial law firm Linklaters in connection to advice it gave to stricken bank Lehman Brothers. A US court appointed report into the failings of the American bank found that Linklaters had advised Lehman Brothers on an off-balance sheet transaction called [...]
BoE: policies helped 2009 equity boom March 14, 2010 THE Bank of England has admitted its huge quantitative easing programme and loose monetary policy contributed to the surprise boom in equity prices last year. Shares rallied strongly between March and December 2009 after governor Mervyn King pumped £198bn into the financial system through gilt repurchasing, commonly referred to as “printing money”. The hefty stimulus, designed [...]
Google’s Nexus One smartphone delayed March 14, 2010 Google has been forced to delay the arrival of its Nexus One mobile phone until next month. The device the internet giant hopes will be an iPhone killer will be the firm’s first own-branded phone to hit the UK. Its Android software has already been incorporated into a number of other smartphones but the Nexus [...]
Job rates beat drop in output March 14, 2010 BUSINESSES took a flexible approach to reducing labour costs during the recession, meaning the rate of redundancies was milder than the harsh drop in national output. The Bank of England’s quarterly bulletin showed employment fell by 1.9 per cent over the past two years, several percentage points better than during the downturns of the 1990s [...]